Bounce Back loan scheme announced for small businesses

There was a slight glimmer of better news from the Chancellor when he announced in the Commons that a new loans scheme aimed specifically at small businesses would be available soon.

This extension of the Government’s existing scheme means that small firms can apply for a a “Bounce Back” loan worth up to 25 per cent of their annual turnover, up to £50,000.

Crucially the Government will pay the interest on the loan for the first 12 months.

The Chancellor said the application would be a “simple, quick standard form” and banks would only perform customary checks on applicants.

He said for most firms loans would arrive within 24 hours of approval.

The Bounce Back Loan Scheme was launched on May 4.

To complete an online application form click here. You will find the Apply Now button at the bottom of the information page.